{"id":12616,"date":"2023-03-31T06:52:36","date_gmt":"2023-03-30T17:52:36","guid":{"rendered":"https:\/\/cryptocurrency.org.nz\/?p=12616"},"modified":"2024-02-21T01:33:36","modified_gmt":"2024-02-20T12:33:36","slug":"what-is-bitcoin-nz","status":"publish","type":"post","link":"https:\/\/cryptocurrency.org.nz\/get-started\/what-is-bitcoin-nz\/","title":{"rendered":"What is Bitcoin NZ? – New Zealand’s Crypto Guide (2024)"},"content":{"rendered":"\t\t
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Described as the ‘most disruptive financial technology of the last 100 years’<\/em>, Bitcoin is quickly evolving the way we view money and our sovereignty over our own financial destiny. Enjoy our guide and welcome to the future of decentralized universal currency.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Related Guides:<\/strong><\/span><\/p>

How to Buy Bitcoin in NZ \u2013 Step-by-Step Guide (2024)<\/a><\/strong><\/p>

Best Bitcoin Exchanges NZ \u2013 NZ’s Ultimate Guide (2024)<\/a><\/strong><\/p>

Cryptocurrency Wallets NZ \u2013 New Zealand\u2019s Ultimate Guide (2024)<\/a><\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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What is Bitcoin in NZ? <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Bitcoin<\/a>\u00a0is a groundbreaking decentralized digital payment system that allows individuals to transfer value directly to one another without the need for a central authority or bank.<\/span><\/p>

Bitcoin is free to use, accessible to anyone with an internet connection and device, and has no comprehension of international borders; acting as the universal internet currency.\u00a0<\/span><\/p>

This decentralized network is unique in that it operates using a public ledger called the blockchain. This ledger (meaning a record keeping system) is maintained by thousands of computers around the world, ensuring the accuracy and security of all BTC transactions. <\/span><\/p>

Known as the gold standard of\u00a0cryptocurrency,<\/a>\u00a0Bitcoin is now used by hundreds of millions across the world, including roughly 300,000+ Kiwis who use it or hold it as a investment.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\n\t\t\t\t\t\t\u201cBitcoin is a peer-to-peer version of electronic cash that allows payments to be sent directly from one party to another without going through a financial institution. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work.\u201d<\/span>\n\t\t\t\n\t\t\t\t\t\t\u2013 Satoshi Nakamoto<\/span>\n\t\t\t\n\t\t\t\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What is the Bitcoin Ethos?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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First conceived in 2008 and launched in 2009, Bitcoin is more than just a digital currency; it’s a revolutionary concept shaped by a distinct\u00a0ethos<\/a>\u00a0which has evolved over decades.<\/p>

At its core, Bitcoin is built on principles that redefine our approach to money, emphasizing privacy, freedom, decentralization, self-sovereignty, individual responsibility and\u00a0autonomy<\/span>.<\/span><\/p>

Privacy:<\/strong> Bitcoin enables users to transact with a level of privacy often absent in traditional banking system – the ability to conduct financial interacts without revealing personal info.\u00a0<\/p>

Autonomy:<\/strong>\u00a0Users wield direct control over their funds, liberating them from reliance on central authorities, middle men third parties.\u00a0<\/span><\/p>

Decentralization:<\/strong> In stark contrast to centralized financial structures, Bitcoin operates on a decentralized network. This lack of a single controlling entity ensures resistance to censorship, manipulation, and mitigates the risks associated with centralized weak points.<\/p>

Self-Sovereignty:<\/strong> Bitcoin promotes the concept of self-sovereignty, emphasizing that individuals should be the ultimate authority over their own financial journey. Users hold their own private keys, granting them unparalleled control and access to their funds.<\/p>

Self-Responsibility:<\/strong> An inherent part of the Bitcoin ethos is individual responsibility. Users are tasked with safeguarding their private keys and securing their wallets, with no central helpdesk, instilling a sense of personal stewardship in the pursuit of financial freedom.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\"What\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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History of Bitcoin<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Crypto has been a hot topic for over a decade, but the complexity of this expanding market can be overwhelming due to the continuous news surrounding it. However, understanding the history of Bitcoin, the worlds first and most widely traded crypto, can simplify this task.<\/span><\/p>

The inception of Bitcoin begun with a\u00a0<\/span>paper titled “<\/span>Bitcoin: A Peer-to-Peer Electronic Cash System<\/a>“, which was posted to a cryptography mailing list on October 31st, 2008 –\u00a0 with “Satoshi Nakamoto<\/i>” as the author. Satoshi’s true identity is still a mystery to this very day.<\/span><\/p>

The Bitcoin network was deployed in 2009, released as open-source software when Nakamoto mined the first block of the blockchain (also known as the Genesis Block<\/a>).\u00a0<\/span><\/p>

This bundle of transactions contained\u00a0<\/span>the first 50 Bitcoins ever created. From there, other early contributors mined BTC until 2010, when programmer Laszlo Hanyecz made the first known commercial transaction – he used 10,000 BTC to buy two pizzas from Papa John’s.<\/span><\/p>

Interesting fact:<\/strong> As of this writing, that amount of Bitcoin is worth over $300 million.<\/em><\/span><\/p>

Since then, Bitcoin has been traded over 800 million times, with the earliest significant transactions taking place in darknet markets. The largest of these markets was Silk Road, created by “Dread Pirate Roberts”, aka\u00a0<\/span>Ross Ulbricht<\/a>, which traded almost 10 million Bitcoins throughout its existence. Ross is currently serving a life sentence as we speak.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Best Way to Buy Bitcoin in NZ <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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To buy Bitcoin<\/a> or any other cryptocurrency in New Zealand, you can use one of the NZ Crypto Exchanges listed below. You can buy BTC in minutes depending on the platform. <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Easy Crypto NZ<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Best Way for Beginners to Buy<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Easy Crypto NZ <\/b><\/a>is New Zealand\u2019s most popular crypto retailer, making it safe, fast, and easy for Kiwis to buy and sell over 110+ cryptocurrencies in minutes \u2013 including Bitcoin, Ethereum, Monero, Dogecoin & XRP.<\/p>\n

Cryptocurrency NZ Recommendation<\/b><\/i>\u00a0\u2b50<\/i>\u2b50<\/i>\u2b50<\/i>\u2b50<\/i>\u2b50<\/i>\u00a0<\/span><\/p>\n

Website:<\/b> www.easycrypto.ai\/nz<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhy We Recommend Easy Crypto NZ<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

Here at Cryptocurrency NZ<\/a>, we’ve used\u00a0<\/span>Easy Crypto<\/a>\u00a0without any issues for over 5 years.\u00a0<\/span><\/p>\n

They’ve helped mainline hundreds of thousands of New Zealanders into the cryptocurrency markets.\u00a0<\/p>\n

Easy Crypto is a re<\/span>putable, reliable and Kiwi focused crypto retailer who without a doubt achieves their mission of making it safe, fast and easy for Kiwis to buy and sell Bitcoin and 160+ other coins in NZ. <\/span><\/p>\n

EC typically provide rapid order speeds through their simple interface and are well suited to first time crypto investors.<\/span><\/p>\n

Our biggest critique would be EC\u2019s excessive compliance program, requiring users to jump through increasingly heavier identity and source of funds verification steps for users seeking to acquire privacy coins such as Monero (XMR).<\/span><\/p>\n

For privacy focused users, non-KYC\u2019ed options such as the NZ P2P Crypto Marketplace<\/a>\u00a0may be better suited.\u00a0<\/span><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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Pros of Easy Crypto NZ<\/span><\/h2>\n<\/div>\n<\/div>\n
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\u2714\ufe0f B<\/b>eginner friendly:\u00a0<\/b>Easy Crypto\u2019s\u00a0interface is well suited to first time or casual investors.\u00a0<\/span><\/p>\n

\u2714\ufe0f Near instant KYC:<\/strong>\u00a0you can typically create an account, verify your ID and trade within minutes.\u00a0<\/span><\/p>\n

\u2714\ufe0f<\/strong>\u00a0Non-custodial:<\/strong>\u00a0crypto is sent directly to your own private wallet, Easy Crypto doesn\u2019t store it for you.\u00a0<\/span><\/p>\n

\u2714\ufe0f Transparent fee structure<\/strong>: When you place an order, you can see the exact numbers of how much you’ll receive.\u00a0\u00a0<\/span><\/p>\n

\u2714\ufe0f Local customer support:<\/strong>\u00a0when you need help, EC provides high quality one-on-one assistance.\u00a0\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Cons of Easy Crypto NZ<\/span><\/h2>\n<\/div>\n<\/div>\n
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\u274c\u00a0Limited features:<\/strong>\u00a0day traders are better suited to live exchanges like\u00a0Binance NZ<\/a><\/span>\u00a0or Kiwicoin<\/a><\/span><\/span><\/p>\n

\u274c\u00a0Excessive compliance:\u00a0<\/strong>You can\u2019t buy privacy coins like Monero without proving the source of your funds.\u00a0<\/span><\/p>\n

\u274c\u00a0No on-site wallet:<\/strong>\u00a0users must have a secure wallet already set up to buy and sell through Easy Crypto.\u00a0<\/span><\/p>\n

\u274c\u00a0Slippage:<\/strong>\u00a0There\u2019s sometimes a difference in prices between when you locked in your fees vs current prices.<\/span><\/p>\n

\u274c\u00a0KYC:<\/strong> You have to verify your identity in order to actually buy or sell. This data is then passed on to the government.\u00a0<\/span><\/p>\n

\u00a0<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t
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Easy Crypto NZ<\/a><\/span> is a homegrown, non-custodial crypto retailer with a strong reputation in the NZ crypto community.<\/span><\/p>\n

They have a strong presence in the domestic crypto industry , sponsoring Cryptocurrency NZ\u2019s meetups<\/a> <\/span>and are known to actively engage in New Zealand\u2019s various community forums, groups and events.<\/span><\/p>\n

Since launching in 2018, ECNZ has generated over 200,000+ users in New Zealand alone and has processed over 2 Billion NZD in order volume \u2013 securing their title as New Zealand\u2019s crypto heavy weight. <\/span><\/p>\n

Janine Grainger, EC’s co-founder and other members of EC’s exec team are active members in financial technology and blockchain lobbying bodies across NZ such as\u00a0<\/span>Blockchain NZ<\/a>\u00a0and\u00a0<\/span>Fintech NZ<\/a>.\u00a0<\/span><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Binance NZ <\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Best Exchange for Advanced Traders<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Binance<\/a>,<\/b>\u00a0the world’s largest crypto exchange, is a highly popular platform for Kiwis interested in crypto trading in NZ.\u00a0
Binance offers over 1400 trading pairs, such as NZD to BTC, with some of the lowest fees in the industry.<\/span><\/p>\n

Cryptocurrency NZ Recommendation<\/b><\/i>\u00a0\u2b50<\/i>\u2b50<\/i>\u2b50<\/i>\u2b50<\/i>\u2b50<\/i><\/p>\n

Website:<\/b>\u00a0www.binance.com\/nz<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhy We Recommend Binance NZ<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

Here at\u00a0<\/span>Cryptocurrency NZ<\/a>, we have used Binance for over 4 years without any issues.\u00a0<\/span><\/p>\n

Binance is the world’s largest crypto exchange, accounting for over 40% of the total crypto market’s trade volume. They have world class platform, access to liquidity, a plethora of coins to trade and are known to be reliable and secure.<\/span><\/p>\n

They are however still a centralized exchange and the age old ‘not your keys, not your crypto’ still applies. We don’t recommend storing large amounts of coin long term on exchanges and instead recommend using a hardware wallet<\/a>.\u00a0<\/p>\n

If you’re a day trader, looking to swing trade or practice technical analysis and chart drawing, Binance is very solid.\u00a0<\/span><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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Pros of Binance NZ<\/span><\/h2>\n<\/div>\n<\/div>\n
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\u2714\ufe0fPlethora of coins:<\/strong> Humongous selection of cryptocurrencies available for trading.<\/span><\/p>\n

\u2714\ufe0f\u00a0Competitive Rates:<\/strong>\u00a0Famously low trading fees, especially for high-volume traders and those who hold BNB.\u00a0<\/span><\/p>\n

\u2714\ufe0f<\/b>\u00a0SAFU Fund:<\/strong>\u00a0Binance has a \u201cSAFU\u2019 fund to protect users in the event of a security breach or hack.<\/span>\u00a0Learn more.<\/a><\/p>\n

\u2714\ufe0f Registered in NZ:\u00a0<\/b>Binance is a registered Financial Service Provider in NZ.\u00a0\u00a0<\/span><\/p>\n

\u2714\ufe0f Advanced Features: <\/b>Offers world class trading tools and charts.<\/span><\/p>\n

\u2714\ufe0f IOS & Android:\u00a0<\/b>Mobile apps available for trading on-the-go.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Cons of Binance NZ<\/span><\/h2>\n<\/div>\n<\/div>\n
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\u274c\u00a0Regulatory exposure:<\/strong>\u00a0Ongoing regulatory scrutiny and potential for government restrictions.<\/span><\/p>\n

\u274cMixed Reviews:<\/strong>\u00a0Some negative user reviews and complaints about poor customer service.<\/span><\/p>\n

\u274c\u00a0High withdrawal fees:\u00a0<\/strong>Withdrawing some coins can be higher than fifty dollars, depending on market prices.<\/span><\/p>\n

\u274c\u00a0Customer Support:<\/strong>\u00a0Limited customer support during high-traffic periods\u00a0<\/span><\/p>\n

\u274c\u00a0Centralized Exchange:<\/strong>\u00a0Potential for hacking or security breaches.\u00a0<\/span><\/p>\n

\u274c\u00a0KYC:<\/strong> You have to verify your identity in order to buy or sell. This data is then passed on to the government.\u00a0<\/span><\/p>\n

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Binance has has over 6,000 staff globally, and since registering in Zealand in September 2022 as a Financial Services Provider, they have invested heavily into marketing, complying with NZ regulations and developing an NZ based team.\u00a0<\/span><\/span><\/p>\n

Ben Rose, Binance’s CEO is a member on the\u00a0<\/span>Blockchain NZ council<\/a>, and many of the Binance NZ team are public.\u00a0<\/span><\/p>\n

Binance is an international exchange, headed and founded by Changpeng Zhao (CZ), one of the most well known and trusted crypto developers and entrepreneurs in the world. Binance NZ is in it’s early days, but is gearing for the long haul.<\/span><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How Does Bitcoin Work in NZ? <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Bitcoin's Blockchain <\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The Bitcoin blockchain is a digital ledger that records all transactions made with Bitcoin.<\/strong> It is a decentralised system that operates independently of traditional banks or financial institutions, making it a popular alternative for secure and transparent financial activity.<\/span><\/p>

Note:<\/b> This is where the acronym “DeFi” comes from, meaning ‘Decentralized Finance’.\u00a0<\/span><\/p>

Each transaction made with Bitcoin is verified and recorded on the blockchain, which is maintained by a network of users around the world in an autonomous, trustless fashion.\u00a0<\/span><\/p>

This decentralised system ensures the security, censorship resistance, and accuracy of Bitcoin transactions, while also making it difficult for fraud or hacking attempts to occur.<\/span><\/p>

The blockchain also ensures BTC can not be\u00a0counterfeited, making it’s scarcity absolute.\u00a0<\/span><\/p>

The use of the blockchain has many potential applications beyond Bitcoin, including in areas such as supply chain management, voting systems, and identity verification. However Bitcoin’s blockchain is the first to ever exist, crediting Satoshi’s work with prestige far beyond creating a universal, censorship resistant, borderless internet cash.<\/span><\/p>

The blockchain industry and its adoption is quickly evolving in New Zealand and around the world, as more industries explore the benefits of this innovative and open technology.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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How to Store Bitcoin in NZ<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Bitcoin are stored in\u00a0<\/span>Bitcoin wallets<\/a>\u00a0– which are free to set up, use and operate, and you can set up as many bitcoin wallets as you like. Best of all, you don’t have to ask anyone for permission to use it, to send and receive payments in Bitcoin (BTC).\u00a0<\/span><\/p>

Until today, you would\u2019ve been accustomed to accessing your various online accounts and services by using your email address and password.\u00a0<\/span>In the world of crypto, wallet access and ownership is instead represented by something called a<\/span> public and private key pair.<\/b><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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What is Bitcoin Mining in NZ? <\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Bitcoin mining<\/a> refers to the computational process of validating and adding transactions to Bitcoin’s Blockchain. Miners use specialized hardware to solve complex mathematical equations and compete with each other to add a block of transactions to the blockchain.\u00a0<\/span><\/p>

Upon successfully adding a block, the miner is awarded newly created bitcoins along with transaction fees from the transactions incorporated in the block. This process is known as proof-of-work and is essential to ensuring the security and reliability of the BTC network.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Private Keys and Public Keys <\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Acting as your digital identity and signature, every cryptocurrency wallet is distinct by having its own unique public and private key \u2013 with each unique key pair being freshly generated whenever a new cryptocurrency wallet is created.<\/span><\/p>